SBM Offshore - Fast4Ward FPSO design

ExxonMobil eyes another FPSO order with SBM Offshore

U.S. oil major ExxonMobil plans to order another floating production storage and offloading (FPSO) vessel for a project in Guyana from the Dutch FPSO operator, SBM Offshore.

SBM Offshore's Fast4Ward FPSO design; Source: SBM Offshore

SBM Offshore said in a short statement on Wednesday that it has signed a Memorandum of Understanding (MOU) with ExxonMobil Guyana for the construction of a multi-purpose floater hull for use on a future FPSO project. The memorandum grants exclusivity for the seventh Fast4Ward hull.

“ExxonMobil and SBM Offshore have a long history of working together, with multiple FPSO projects underway,” SBM Offshore added.

Over the years, the Dutch company secured several contracts for the provision of FPSO vessels to ExxonMobil, including Liza Destiny and Liza Unity, which are already operating in Guyana, as well as Prosperity and ONE GUYANA FPSOs. The construction of the topside modules for the last one started in September 2022.

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According to information from ExxonMobil, at least six FPSOs with a production capacity of more than 1 million gross barrels of oil per day are expected to be online on the Stabroek Block in 2027, with the potential for up to 10 FPSOs to develop gross discovered recoverable resources. In late October, ExxonMobil added two more discoveries to its Guyana portfolio following results from the Sailfin-1 and Yarrow-1 wells.

Just last week Japan’s MODEC secured a FEED contract for ExxonMobil’s FPSO for the fifth development project in Guyana, named Uaru. MODEC is expected to construct and install the FPSO.